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Sugar sells Spurs stake for £25m Sugar sells Spurs stake for £25m
(20 minutes later)
Sir Alan Sugar has sold his stake in Premier League football club Tottenham Hotspurs for £25m ($49.8m) to sports and media group ENIC International. Sir Alan Sugar has sold his stake in Premier League football club Tottenham Hotspur for £25m ($49.8m) to sports and media group ENIC International.
ENIC already held 54% of the North London football club, and has now increased its holding to 66%.ENIC already held 54% of the North London football club, and has now increased its holding to 66%.
Spurs' chairman Daniel Levy is the managing director of ENIC.Spurs' chairman Daniel Levy is the managing director of ENIC.
Although City rules require ENIC to make an offer for the remaining 34% of the club the group said it intended to maintain Spurs' AIM listed status.Although City rules require ENIC to make an offer for the remaining 34% of the club the group said it intended to maintain Spurs' AIM listed status.
Long goodbyeLong goodbye
The deal values the club at £209.5m.The deal values the club at £209.5m.
The sale will go through on 2 July and will end Sir Alan's formal relationship with a club where he was chairman for a decade until 2001.The sale will go through on 2 July and will end Sir Alan's formal relationship with a club where he was chairman for a decade until 2001.
The board of ENIC said it had increased its stake in Spurs "as a sign of its long-term confidence in the club and to provide ongoing stability to the club".The board of ENIC said it had increased its stake in Spurs "as a sign of its long-term confidence in the club and to provide ongoing stability to the club".